MIRA INFORM REPORT

Report Date :

01.08.2014

IDENTIFICATION DETAILS

Name :	AXISCADES AEROSPACE AND TECHNOLOGIES LIMITED
Formerly Known As :	AXIS AEROSPACE AND TECHNOLOGIES LIMITED (w.e.f. 13.01.2012) AXIS AEROSPACE AND TECHNOLOGIES PRIVATE LIMITED (w.e.f. 08.12.2008) JUPITER STRATEGIC TECHNOLOGIES PRIVATE LIMITED BPL STRATEGIC TECHNOLOGIES PRIVATE LIMITED (w.e.f. 13.04.2004) BPL INTERNETWORKS PRIVATE LIMITED
Registered Office :	BPL Innovision Centre, No.54, Richmond Road, Bangalore – 560 025, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.01.2001
Com. Reg. No.:	08-028394
Capital Investment / Paid-up Capital :	Rs.78.356 millions
CIN No.: [Company Identification No.]	U72900KA2001PLC028394
PAN No.: [Permanent Account No.]	AACCB1728K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is in the business of Offset and Strategic Technologies for Designing/ implementing solutions for Defence, Civil Aviation and Homeland Security needs.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1919000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems sharp dip in the profit of the company during 2013. However, networth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

NEWS

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20%! Equities came in second with annualized return of 15.5%! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs.10000 mn.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Ms. Shwetha
Designation :	Accounts Executive
Contact No.:	91-80-25594911
Date :	30.07.2014

LOCATIONS

Registered Office :	BPL Innovision Centre, No.54, Richmond Road, Bangalore – 560 025, Karnataka, India
Tel. No.:	91-80-25594911
Fax No.:	91-80-25323488/ 25594917
E-Mail :	k.madhavi@jupitermail.in shwetha.n@jupitermail.in
Website :	http://www.axiscades.com
Location :	Owned
Locality :	Commercial
Corporate Head Office :	Kirloskar Business Park, Block ‘C’, 2^nd Floor, Hebbal, Bangalore – 560 024, Karnataka, India
Tel. No.:	91-80-41939000
Fax No.:	91-80-41939099
Branch Office :	Located at: · Delhi · Bangalore · Chennai · Hyderabad · Pune
Overseas Office :	Located at: · Japan · Korea · China · Germany · Germany · UK · US · Canada

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Sudhakar Gande

Designation :

Director

Address :

Attur Terrace, 802, 8^th Floor, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

03.09.1957

Date of Appointment :

29.09.2009

DIN No.:

00987566

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U63090MH2006PTC159346	INDIA INFRASTRUCTURE AND LOGISTICS PRIVATE LIMITED	Alternate director	16-11-2006	16-11-2006	-	Active	NO
2	U72200KA2000PTC027196	TAYANA SOFTWARE SOLUTIONS PRIVATE LIMITED	Additional director	24-11-2007	24-11-2007	31-12-2011	Active	NO
3	U62200KA2007PTC041886	INDIAN AERO VENTURES PRIVATE LIMITED	Director	25-08-2008	11-12-2007	-	Active	NO
4	U70109KA1993PTC014830	HINDUSTHAN INFRASTRUCTURE PROJECTS AND ENGINEERING PRIVATE LIMITED	Director	29-09-2008	08-01-2008	10-06-2014	Active	NO
5	U45201KA2007PTC041794	HIPE REALTY DEVELOPERS PRIVATE LIMITED	Director	12-08-2008	28-01-2008	10-06-2014	Active	NO
6	U63031KA2006PTC040981	HIPE TRANSPORTATION INFRASTRUCTURE VENTURES PRIVATE LIMITED	Director	29-09-2008	28-01-2008	10-06-2014	Active	NO
7	U74300MH2006PTC199520	JUPITER ENTERTAINMENT VENTURES PRIVATE LIMITED	Additional director	29-01-2008	29-01-2008	-	Amalgamated	NO
8	U45208MH2007PTC174780	VIJAYDURG PORTS PRIVATE LIMITED	Director	25-09-2008	19-06-2008	-	Active	NO
9	U74140MH1998PTC113983	ASIANET TV HOLDINGS PRIVATE LIMITED	Additional director	20-06-2008	20-06-2008	-	Amalgamated	NO
10	U72900KA2001PLC028394	AXISCADES AEROSPACE AND TECHNOLOGIES LIMITED	Director	29-09-2009	16-03-2009	-	Active	NO
11	U60231KA2010PTC055267	HIPE Logistics Private Limited	Director	22-09-2010	22-09-2010	10-06-2014	Active	NO
12	U67120MH1999PTC121622	LEXICON FINANCIAL PLANNERS PRIVATE LIMITED	Director	26-09-2012	10-02-2012	-	Active	NO
13	U22300KA2005PLC035885	KANNADA PRABHA PUBLICATIONS LIMITED	Director	28-09-2013	27-03-2012	-	Active	NO

Name :

Vadhiraja Puttige

Designation :

Director

Address :

DS-2, GR, Grand Residency, J.P. Nagar, 6^th Phase, Kanakapura Road, Bangalore – 560 098, Karnataka, India

Date of Birth/Age :

30.11.1967

Date of Appointment :

25.09.2012

DIN No.:

05100603

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72900KA2001PLC028394	AXISCADES AEROSPACE AND TECHNOLOGIES LIMITED	Director	25-09-2012	27-10-2011	-	Active	NO

Name :

Mr. Pradeep Dadlani

Designation :

Director

Address :

H-22, Janganpura Extension, New Delhi – 110 014, India

Date of Birth/Age :

25.08.1960

Date of Appointment :

25.09.2012

DIN No.:

00664016

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74210DL1996PTC080597	SYCOM PROJECTS CONSULTANTS PRIVATE LIMITED	Director	23-07-1996	23-07-1996	-	Active	NO
2	L72200DL1990PLC041275	AXIS -IT&T LIMITED	Director	18-09-2008	28-04-2008	-	Active	NO
3	U64202KA2001PTC029836	CADES DIGITECH PRIVATE LIMITED	Director	28-07-2010	24-10-2009	-	Amalgamated	NO
4	U67120MH1999PTC121622	LEXICON FINANCIAL PLANNERS PRIVATE LIMITED	Director	28-09-2010	03-12-2009	-	Active	NO
5	U72900KA2001PLC028394	AXISCADES AEROSPACE AND TECHNOLOGIES LIMITED	Director	25-09-2012	11-01-2012	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Shwetha
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
M.K. Chandrasekhar	1000
Jupiter Capital Private Limited, India	4358996
Indian Aero Ventures Private Limited, India	3475560
Sudhakar Gande	1
M.S. Ram	1
K. Venkatarame Gowda	1
Vadhiraja P.	1
Total	7835560

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is in the business of Offset and Strategic Technologies for Designing/ implementing solutions for Defence, Civil Aviation and Homeland Security needs.

Products/ Services :

Item Code No. (ITC Code)	99831418
Product/ Services Description	Engineering Services

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

Customers :

OEM’s

No. of Employees :

100 (Approximately)

Bankers :

· Syndicate Bank, BWSSB Branch, 10/1, 1^st Floor, Rajdhooth Complex, Avenue Road Entrance, Bangalore – 560 001, Karnataka, India

· The Lakshimi Vilas Bank Limited, No.153, Old Madras Road, Halasuru – 560 001, Karnataka, India

· Yes Bank Limited

· Oriental Bank of Commerce

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT-TERM BORROWINGS
Loans repayable on demand from banks	25.476	0.000
Loans and advances from others	395.408	0.000
Total	420.884	0.000

Banking Relations :	--
Auditors :
Name :	T. Velu Pillai and Company Chartered Accountants
Address :	642, 4^th Main, 2^nd Stage, Indranagar, Bangalore, Karnataka, India
PAN No.:	AAAFT9088R
Holding Company :	Jupiter Capital Private Limited, India (CIN No.: U67120KA2004PTC033653)
Subsidiary Companies :	· Niraamaya Retreats Kovalam Private Limited, India (CIN No.: U55102KL1986PTC004465) · Enertec Controls Limited, India (CIN No.: U31101KA1988PLC008860) · Cades Digitech Private Limited, India (CIN No.: U64202KA2001PTC029836) · Jupiter Aviation Services Private Limited, India (CIN No.: U85110KA2000PTC028009) · Axis -IT&T Limited, India (CIN No.: L72200DL1990PLC041275) · Tayana Digital Private Limited, India (CIN No.: U72900KA2008PTC045597)
Fellow Subsidiary Companies :	· Indian Aero Ventures Private Limited, India (CIN No.: U62200KA2007PTC041886) · Axis Inc., United States · Hindusthan Infrastructure Projects and Engineering Private Limited, India (CIN No.: U70109KA1993PTC014830) · Tayana Software Solutions Private Limited, India (CIN No.: U72200KA2000PTC027196)

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7835560	Equity Shares	Rs.10/- each	Rs.78.356 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	78.356	78.356	78.356
(b) Reserves & Surplus	401.316	382.990	335.825
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	479.672	461.346	414.181
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	463.362	483.955	0.000
(d) Long-term provisions	23.251	12.794	2.240
Total Non-current Liabilities (3)	486.613	496.749	2.240
(4) Current Liabilities
(a) Short term borrowings	420.884	369.961	497.811
(b) Trade payables	381.778	639.064	350.607
(c) Other current liabilities	108.637	84.240	41.282
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	911.299	1093.265	889.700
TOTAL	1877.584	2051.360	1306.121
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	40.712	7.279	8.292
(ii) Intangible Assets	9.918	1.400	0.733
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	926.283	1041.405	1041.405
(c) Deferred tax assets (net)	18.888	29.434	0.000
(d) Long-term Loan and Advances	47.814	185.125	181.787
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1043.615	1264.643	1232.217
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	98.340	6.280	7.454
(c) Trade receivables	101.890	335.738	10.655
(d) Cash and cash equivalents	255.287	330.192	21.276
(e) Short-term loans and advances	338.820	92.971	34.475
(f) Other current assets	39.632	21.536	0.044
Total Current Assets	833.969	786.717	73.904
TOTAL	1877.584	2051.360	1306.121

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	485.630	514.448	51.982
		Other Income	39.967	22.212	87.688
		TOTAL (A)	525.597	536.660	139.670
Less	EXPENSES
		Cost of materials consumed	13.371	0.000	0.000
		Purchases of stock-in-trade	0.000	72.373	6.720
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	0.000	1.174	(1.940)
		Employee benefit expense	111.845	34.818	32.568
		Other expenses	295.130	304.835	78.070
		Prior Period Items	0.000	0.000	5.209
		TOTAL (B)	420.346	413.200	120.627
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		105.251	123.460	19.043
Less	FINANCIAL EXPENSES (D)		53.798	98.921	14.638
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		51.453	24.539	4.405
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.542	2.399	2.582
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		41.911	22.140	1.823
Less	TAX (H)		23.585	(25.024)	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		18.326	47.164	1.823
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(69.056)	(116.220)	(118.043)
	BALANCE CARRIED TO THE B/S		(50.730)	(69.056)	(116.220)
	EARNINGS IN FOREIGN CURRENCY		12.780	17.589	13.365
	Earnings / (Loss) Per Share (Rs.)		2.34	6.02	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.49	8.79	1.31
Net Profit Margin (PBT/Sales)	(%)	8.63	4.30	3.51
Return on Total Assets (PBT/Total Assets}	(%)	4.49	2.26	0.69
Return on Investment (ROI) (PBT/Networth)		0.09	0.05	0.00
Debt Equity Ratio (Total Debt/Networth)		0.88	0.80	1.20
Current Ratio (Current Asset/Current Liability)		0.92	0.72	0.08

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	78.356	78.356	78.356
Reserves & Surplus	335.825	382.990	401.316
Share Application money pending allotment	0.000	0.000	0.000
Net worth	414.181	461.346	479.672
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	497.811	369.961	420.884
Total borrowings	497.811	369.961	420.884
Debt/Equity ratio	1.202	0.802	0.877

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	51.982	514.448	485.630
		889.666	(5.602)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	51.982	514.448	485.630
Profit	1.823	47.164	18.326
	3.51%	9.17%	3.77%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10382574	17/09/2012	40,000,000.00	SYNDICATE BANK	BWSSB BRANCH, 10/1, 1ST FLOOR, RAJDHOOTH COMPLEX, AVENUE ROAD ENTRANCE, BANGALORE, KARNATAKA - 560001, INDIA	B60478286
2	10332859	30/12/2011	825,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B30947048

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT-TERM BORROWINGS
Inter-corporate borrowings	0.000	369.961
Total	0.000	369.961

OPERATIONS:

The Company is in the business of Offset and Strategic Technologies for Designing/implementing solutions for Defence, Civil Aviation and Homeland Security needs. The Company’s clients are Original Equipment Manufacturers (OEM’s) mainly in the Defence Sector spread across the Government and other Private sector in India and overseas in addition to Ministry of Defence (MOD). The Company’s focus is mainly in Systems Integration and project management in strategic areas including for Electronic Warfare (EW), Communications, Surveillance and Access Control, Radar and Avionics, Command and Control Systems. The Company is well respected in its chosen sphere of expertise.

During the year the Company met several important delivery milestones in certain large and important offset contracts. These offset contracts is expected to significantly ramp up in the following year. The company is very optimistic in the offset opportunities that is expected to fructify in the next 18-24 months. During the year, the Company is expected to bid for selected large offset projects with Global OEM’s.

Besides offset contracts, the company has bid and won several repeat orders projects from Ministry of Defence, Government of India for supply and installation of Radar Data Processors (RDP), Class Room Electronic Warfare Simulators (CREWS). During the year, Micro Wave Division of the Company has successfully executed several projects in Hand Held Radio, Jammers etc. for Public Sector Under takings such as DRDO, ECIL, HAL, AIR, Indian Navy etc.

The Company has ISO Certification ISO 9001 - 2000 certified for Design, Development, Fabrication, Integration and maintenance of Electronics, Electronic Warfare, Communications and Radar Systems. It has obtained Industrial License for Defence Production for Electronic Warfare,

Communications, Radars and Avionics, Surveillance and Access Control and Command and Control Systems.

The Company was appraised for SEI CMMI Level 3 and found compliant during the year.

FIXED ASSETS:

· Computers

· Furniture and fixtures

· Office Equipments

· Plant and Machinery

· Electrical Fittings

· Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.25
UK Pound	1	Rs.101.92
Euro	1	Rs.80.70

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	DIV
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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